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    Environment and Energy

    Oil & Gas Rig Counts Just Keep Going Lower

    Written by Brett Linton


    According to Baker Hughes data from April 8, 2016, the U.S rig count for the week was 443 rigs exploring for or developing oil or natural gas. This is a decrease of 7 rigs when compared to last week, with oil rigs down 8 to 354 rigs, gas rigs up 1 to 89 rigs, and miscellaneous rigs unchanged at 0 rigs. Compared to this time last year, the 443 count is down 545 rigs, with oil rigs down 406, gas rigs down 136, and miscellaneous rigs down 2.

    The Canadian rig count decreased by 8 to 41 rigs this past week, with oil rigs down 3 to 8 rigs and gas rigs down 5 to 33 rigs. Compared to last year the 41 count is a decrease of 58 rigs, with oil rigs down 12 and gas rigs down 46. International rigs decreased by 33 to 985 rigs for the month of March, a decrease of 266 rigs from the same month one year ago. For a history of both the US and Canadian rig count, visit the Steel Market Update website here.

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